LINKAGES BETWEEN EXPENDITURE ON HEALTH AND EDUCATION IN INDIA: DYNAMIC ECONOMETRIC APPROACH THROUGH LAG MODELS

Health in the 21st century is facing a competitive and critical situation with the lowest possible financing structure of health care expenditure. A growth of the economy is generally judged terms of various parameters, among all those social development parameters like health, education, and income, health plays an important role. The objective of the paper is to analyze to study the Nature and trend of total expenditure on health and education in India and to study the linkages/correlation between expenditure on health and education in India. As for the analysis it has been revealed that in India the healthcare expenditure by the government is very low then the other countries in the world. It can be suggested that the government needs to come forward regarding the budgetary allocation based on healthcare expenditure need to be increased and thought needs to the given with afforded price at a national level as always states. Therefore, the present study carried out to assess the healthcare expenditure of government and education in India. Finally, the study suggests that Health is an input and necessary conditions for education. It is the outcome of effectively quality education and an important sector that must collaborate with education. Theoretical, the expenditure on health may have its impact on education in the succeeding years and therefore the distributed lag model can study the influence of the expenditure on health in earlier years on current education. However, such a model has the same independent variable as different independent variable with a time lag of one or two. It leads to the problem of multicollinearity and the results of the regression show a very high value of coefficient f determination, with insignificant coefficients. The published data have been for the research paper from varies sources like India stat, Odisha stat, Economic Survey, National Health Accounts, RBI Database, World Bank Database, Ministry of Health and Family Welfare. The trend in time series data is conducted using the paper having four number sections via section-I comprises review of literature and objectives. In the section-II, the Time period of analysis and Sources of data, variables and the statistical techniques used have been mentioned along with the direction of methodology and Specification of the Lag Model Used, Section-III comprised the finding the study, Section-IV having conclusions and finding with some suggestions. Therefore, in light of the above, this paper looks at the pattern of health expenditure on health sector in India through a legal perspective